CFPB Launches Probe Into EBay's Online Lending Business

Law360, Los Angeles (October 21, 2013, 9:08 PM EDT) -- EBay Inc. has received a civil investigation notice from the Consumer Financial Protection Bureau requesting that the company provide testimony and produce documents relating to the acquisition, management and operation of a lending subsidiary, according to a regulatory notice filed Friday.

The San Jose, Calif.-based online marketplace says the probe includes online loan service Bill Me Later Inc.’s products and services, advertising, loan origination, customer acquisition, servicing, debt collection, and complaints handling practices. EBay says it is cooperating with the CFPB in connection with the Civil...
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